Cross-border payments are improving global connections for Nigerian businesses and entrepreneurs. From creatives selling their work to international clients, freelancers creating and executing gigs to increase household income, to small businesses importing essential materials, the complexities of foreign exchange and payment systems can prevent valuable growth and progression. However, fintech advancements, digital storytelling, automation, and AI are paving a way to make these processes simpler for everyone.

Cross-Border Payments in Nigerian Businesses

Historically, cross-border transactions for Nigerian businesses heavily relied on traditional banking systems. These systems were slow and increasingly expensive. By 2010 and beyond, companies like Paystack, Remita, and Flutterwave emerged, making it easier to accept, receive, and send out payments.

Why Now?

Each platform introduced faster and affordable solutions tailored to Nigerian entrepreneurs and established entities’ needs. For example, Flutterwave’s Barter allows users to create virtual dollar cards. This makes international payments simple. Paystack enables businesses to accept payments in multiple currencies, bridging the cultural gap between local and global markets.

Fintech: The Backbone of Simplified Payments

In Nigeria, real-time payments are becoming the newest and most viable way to make payments throughout the country. Their economic development and financial innovation is shaping a more inclusive and digitally empowered economy for those with access to it. More Nigerians continue to embrace e-payments and using fintech for their daily transactions.

For entrepreneurs, platforms like Chipper Cash and Wise (also known as TransferWise) introduces lower fees and quicker transfer speeds. This is great when catering to those who need their funds immediately, like freelancers and growing small businesses. Additionally, these platforms enable access to foreign markets while building partnerships and support with other owners. Fintech tools allow Nigerian creatives to become more transparent and efficient to their clientele while working abroad or from home.

Challenges with Fintech and Banking Transactions

The Central Bank of Nigeria informed banks and other financial institutions to start charging a cybersecurity levy on all banking transactions. Similar to the United States of America, the cybersecurity levy is to enhance national and regional cybersecurity infrastructure while protecting against cyber threats, like data breaches, ransomware attacks, and phishing. However, it is seen as an increased financial burden for many individuals and businesses, especially starter businesses and low-income households.

Increased Cybersecurity Amidst Nigerian e-Payment Growth

Representatives from the Socio-Economic Rights and Accountability Project encourages their government to reverse the levy. The impact of the levy also presents itself as unlawful, imposing a 0.5% cybersecurity levy that may (or may not) work. Some believe it s also affecting the circular of Nigerian Fintech activity.

Digital Storytelling for Creatives and Entrepreneurs

Digital storytelling is one of the most powerful tools for creators, entrepreneurs, and sales professionals. Sellers, businesses, and leaders often use personalized storytelling techniques to guide consumers toward making a purchase. In response, consumers might share snapshots or detailed reviews, complaints, or stories about their experience. Some even take it further by using interviews or podcasts to share their narratives.

For instance, Nigerian fashion designers frequently leverage social media to showcase their creations. By blending authentic storytelling with strategic marketing, they attract international buyers who appreciate both the quality and cultural significance of their work. Additionally, digital storytelling allows businesses to humanize their brands, extending their connections with their audiences.

Using Automation in Streamlining Business Operations and Content Creation

For all content creators and business owners, automation changes the game from start to finish. Tools like Zapier, QuickBooks and HubSpot allow entrepreneurs to automate their tasks, like invoicing and customer follow-ups, to keep their digital presence alive ad well. For example, a blogger can use automation tools to schedule posts across multiple platforms, ensuring consistent engagement with their audience. E-commerce businesses can automate inventory management, reducing errors and saving time.

AI Technology and Opportunities

Artificial Intelligence (AI) allow people to grow their creativity and services.AI supports customer engagement through personalized marketing and data analyzation to deliver tailored recommendations. Freelancers and business owners can use tools like ChatGPT, Canva, and Copilot to improve their productivity and creativity. Additionally, businesses can hire freelancers to proofread, edit, rewrite, or humanize their content without losing their credibility and SEO authority.

The Benefits of Combining Technology and Tradition

Nigerian businesses thrive on cultural authenticity. Combining this with modern technology allows businesses to scale effectively and attract a larger audience. Plus, it also shows outsiders what it is like to be part of a growing and prosperous culture.

Preserving Tradition While Expanding Reach

Nigerian entrepreneurs deeply appreciates traditionalism and traditional entrepreneurship. Whether it’s showcasing Ankara fabrics or leveraging local languages in marketing campaigns, their elements fosters true connection and hindsight with audiences worldwide.

Digital tools like social media, email campaigns, automated text messages, blogs, livestream videos, podcasts, and e-reads (ebooks and digital business cards) help businesses present their traditions to international markets. For example, fashion designers instinctively integrate storytelling into their digital presence through Instagram posts and live sessions. Restaurants offering Nigerian cuisines can use food delivery platforms and colorful graphic designs to share their menus and recipes with their global audiences.

Staying Ahead of the Blockchain Technology Curve

Blockchain technology opens new availability for everyone to use solutions to cross-border payments between businesses, consumers, clients, and supporters. Using a decentralized and transparent platform reduces costs and ensures secure exchanges between currencies and NFT purchases. Cryptocurrencies like Bitcoin and Ethereum are gaining traction in Nigeria, offering an alternative financial and social tool for businesses looking to bypass traditional banking systems.

Balancing Inflation and Cost-Effective Solutions

Inflation pressures reshaped consumer behavior. In Nigeria, business owners are more focused with affordability and practicality. Technology provides some relief to help adapt to certain new and recurring challenges. For example, mobile payment platforms like Paga and Kuda or e-commerce websites allow business owners to reduce overhead costs while reaching more budgeting shoppers.

Relying on cooperative models while shopping, Nigerian consumers continue to provide feedback and suggestions to help established business models offer discounts or subscription-based services. AI-driven analytics and automated inventory systems optimize owner’s supply chains with matching pricing strategies. This helps them stay competitive during inflationary periods.

Conclusion

Combining technology with tradition is key for Nigerian businesses to thrive in a global economy. Fintech, digital storytelling, and automation can also help entrepreneurs reach more customers, streamline secured payments, and keep their culture alive. AI and blockchain technologies offers more opportunities during rough economic times. Blending old and new elements not only boosts business growth but also help Nigerian business owners remain competitive and relevant to the world. It’s all about using the right tools to move forward without losing what’s important.